Success is when the best quote you. Recently, the German company SAP, a leader among manufacturers of software for organizations, published an article mentioning our research. Below is a translation of their article, “Digitizing Documents Using Artificial Intelligence.”
In a study published by Xerox, 46% of survey respondents stated that they waste significant amounts of time due to excessive paperwork. Despite this, only about 50% of companies have started to implement digital processing or still consider doing so.
Digital files have a clear advantage over paper documents. Although we are rapidly moving towards a fully digital age, many areas, such as justice or public administration, are still dependent on paper due to outdated operational processes.
Fortunately, critical business processes can be automated. State-of-the-art data processing technology is able to optimize document digitization via artificial intelligence (AI) and machine learning. Companies that do not take advantage of these opportunities can quickly fall behind.
Automated Document Generation
A lot of working time is wasted in creating new versions of existing documents. When new employees join a company, they have to comply with a number of guidelines that regulate the company’s internal working environment. All this can be accelerated by automating documents through artificial intelligence and machine learning.
Let’s say you have a new customer that you register in your system. Within a few seconds, a standard contract with the name and all other details of the customer can be generated automatically. It ensures that no man-made errors are included and that the writing style is consistent.
Data Extraction and Analysis
The ability to automatically process information can also be useful for other purposes. AI algorithms can collect data and important information, comparing it with various document patterns Companies are thus able to extract specific data from their documents.
This applies not only to document’ content but also to documents in general. For example, you can obtain information about how many documents of a certain type are available. You can track your document usage and other key figures to identify changing patterns and trends. Future integration with automatic invoicing is also possible.
Employees can thus concentrate on their main work and get relieved of tedious routine tasks such as creating documents.
Classification and Processing
With AI and machine learning algorithms, data can also be extracted for other purposes. For example, the context of content can be understood and captured automatically. Documents can be easily divided into groups or sorted by date, subject, subject area, etc. Some document management software uses optical character recognition to read text content.
As a result, not only is the time required for manual processing eliminated, but documents are also easier to find once digitized. Physical copies of a document are no longer needed.
More efficient digital administration and document management
Document management software provides a user-friendly interface, which eliminates the need to digitize documents and individually edit existing documents.
For example, a legal firm that manages many different types of documents with a standard header can have great use of AI-powered software that can update graphics and make necessary changes in all the company’s document files.
The Path to a Future Without Paper
Artificial Intelligence and Digitizing Documents are intended to enable management and employees to concentrate on their main tasks. As a result, it will improve company efficiency on a large scale. Working hours will be used optimally, and the administrative effort will be reduced.
Although the processing of documents using artificial intelligence is still a very young field, it is developing rapidly. Integration with blockchain technology, which is already taking place, opens up completely new possibilities for checks, security aspects and optimizations in document management. With a digitization strategy, companies can significantly improve their efficiency of document management in major business areas.